Banking Awareness

CURRENT AFFAIRS october 2019

India gets access to Swiss bank details

Issue
India has got first tranche of Swiss bank account details of its nationals
under a new automatic information exchange pact.

Background
India is among 75 countries with which Switzerland's Federal Tax
Administration (FTA) has exchanged information on financial accounts
within the framework of global standards on AEOI. This is a major
milestone in government’s fight against black money.

Details
This is the first time that India has received details from Swiss
authorities under the AEOI framework, which provides for exchange of
information on financial accounts and the details of assets owned by
Indian clients are not revealed.
The details include name, address, state of residence and tax
identification number, as well information concerning the financial
institution, account balance and capital income.

Benefits
The data received by India can be quite useful for establishing a strong
prosecution case against those who have any unaccounted wealth, as it
provides entire details of deposits and transfers as well as of all
earnings, including through investments in securities and other assets.

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Banking Awareness
CURRENT AFFAIRS october 2019

AEOI
The Common Reporting Standard (CRS) is an information standard for
the Automatic Exchange Of Information (AEOI) regarding bank accounts
on a global level, between tax authorities, which the Organisation for
Economic Co-operation and Development (OECD) developed in 2014.

Information shared
Name, address, Taxpayer Identification Number (TIN) and date and place
of birth of each Reportable Person.
Account number
Name and identifying number of the reporting financial institution;
Account balance or value as of the end of the relevant calendar year (or
other appropriate reporting period) or at its closure, if the account was
closed.
Capital gains, depending on the type of the account (dividends, interest,
gross proceeds/redemptions, other)

Notes

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